Mixed-Use Medical Office and
1485 37TH ST, Vero Beach, FL 32960
For Sale
Contact for pricing
Residential units and ground-floor medical suites create a two-use property with separate commercial and living areas.
Property Size23,697 SF
Lot Size1.23 Acres
Price / SF$217.33
Days on Market21
Property Features for 1485 37TH ST
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Site & Location
Highway Access
Road Access
Units
Multifamily Units
Office Units
Additional Details
Tenant in Place
Property Use
Amenities
in-unit washer/dryers
central AC
private balconies
Building Details
Buildings
Building Size
Tenancy
Listing Agency:
Franklin Street
Listed By:
Dan Dratch · License FL SL3341163
(954) 312-1677
Source:
Crexi
Added: Oct 20
Changed: Nov 8
Last Checked: Nov 8 at 4:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Franklin Street
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Investment Insights
Based on property information with market context.
The 23,697-square-foot property occupies approximately 1.23 acres and combines 14 second-floor apartments with eight medical office suites at ground level. Apartment layouts include one-, two-, and three-bedroom options, with in-unit washers and dryers, central AC, and private balconies. Approximately 70 parking spaces serve the residential and medical tenants. The property has been professionally managed and maintained.
The building is on 37th Street, just east of US-1, with access to Indian River Boulevard, I-95, and Vero Beach Regional Airport. Cleveland Clinic Indian River Hospital and other medical facilities are nearby. Residential neighborhoods and employment centers are also in the surrounding area.
The building is on 37th Street, just east of US-1, with access to Indian River Boulevard, I-95, and Vero Beach Regional Airport. Cleveland Clinic Indian River Hospital and other medical facilities are nearby. Residential neighborhoods and employment centers are also in the surrounding area.
Key Highlights
- 23,697‑square‑foot mixed‑use property on approximately 1.23 acres
- 14 second‑floor apartments and eight ground‑floor medical office suites
- Apartment mix includes one-, two-, and three‑bedroom units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$320,677
Cap Rate
6.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,413,540
$6.4M
Cap Rate 7%
$4,581,100
$4.6M
Cap Rate 9%
$3,563,078
$3.6M
Market Conditions
NOI Build-Up for 23,697 SF
Gross rent
$597.2K $25.20/SF
− Vacancy
−$62.7K −$2.65/SF
EGI
$534.5K $22.55/SF
− OpEx
−$213.8K −$9.02/SF
NOI
$320.7K $13.53/SF
Area
Indian River County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,413,540
Cap Rate 7%
$4,581,100
Cap Rate 9%
$3,563,078
Alternative Uses
Best Use
Healthcare Medical
$4.58M
$4.01M – $5.34M
NOI $320,677 @ 7.0% cap · market cap 6.23%
Second Best
Mixed Use
$3.79M
$3.32M – $4.43M
NOI $265,640 @ 7.0% cap · market cap 5.16%
Theoretical Best
Specialty Retail
$5.20M
$4.55M – $6.06M
NOI $363,780 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
8
Office units
14
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,420
Businesses Nearby
Explore this area
Business Placement
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Residential units and ground-floor medical suites create a two-use property with separate commercial and living areas.
Where is this mixed-use property located?
The property is located at 1485 37TH ST Vero Beach, FL.
What is the asking price?
The asking price for this property is $5,150,000.
What are key features of this property?
This property features: 23,697‑square‑foot mixed‑use property on approximately 1.23 acres; 14 second‑floor apartments and eight ground‑floor medical office suites; Apartment mix includes one-, two-, and three‑bedroom units
